CORRECTION: Fitch Rts $120MM Orlando Utilities Commission -Florida- VRD Revs 2002A 'AA/F1+'.Business Editors NEW YORK--(BUSINESS WIRE)--May 17, 2002 (In a press release issued earlier, the amount stated in the headline was incorrect. The amended press release follows.) Fitch Ratings-New York-May 17, 2002: Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns $120,000,000 Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. Utilities Commission's (OUC OUC Okanagan University College OUC Orlando Utilities Commission OUC Ontario Underwater Council OUC Open University of Cyprus OUC Ohio University - Chillicothe OUC Otaru University of Commerce (Otaru City, Hokkaido, Japan) OUC Ouchita Coaches, Inc. ) water and electric variable rate revenue bonds, series 2002A 'AA/F1+'. Fitch also affirms OUC's outstanding water and electric revenue bonds and water and electric subordinate bonds at 'AA'. The long-term 'AA' rating on the bonds reflects OUC's solid financial performance, low cost generating resources, competitive retail rates and attractive service territory, as well as increasing exposure to interest rate risk. For further information regarding OUC please refer to separate Fitch research dated May 17, 2002, which is available on Fitch's web site at 'www.fitchratings.com'. The short-term 'F1+' rating on the series 2002A bonds is based on the liquidity support of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ) provided by Bayerische Landesbank Girozentrale, acting through its New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Branch. Proceeds of the series 2002A bonds will be used by the OUC to finance utility system capital improvements, including expenditures related to Stanton Unit A, and the cost of issuance. The SBPA provides for the payment of the purchase price of tendered bonds during the daily and weekly rate modes in the event the proceeds of a remarketing of the bonds following an optional or mandatory tender are insufficient to pay the purchase price. The SBPA is sized to provide for the entire principal amount of the bonds, with interest coverage of 34 days at a maximum interest rate of 12%. The SBPA will expire on May 22, 2007, or upon the occurrence of other events of termination, all in accordance with its terms. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company of Florida, N.A., as tender agent and paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. , is required to give notice to the bank in the event that remarketing proceeds are insufficient to pay the purchase price for tendered bonds. The remarketing agent for the bonds is UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System PaineWebber, Inc. The bonds will be issued in the weekly rate interest mode, but may be converted to daily, commercial paper, term, fixed or auction interest rate modes. While the bonds bear interest in the weekly rate mode, interest will be payable on the first business day of each month, commencing on June 3, 2002. Holders of bonds bearing interest in the daily or weekly rate modes may tender their bonds for purchase provided the remarketing agent is given the required prior notification. Bonds are subject to a mandatory tender: (1) on interest mode changes; (2) on each interest reset date for bonds in the commercial paper and term rate modes; (3) upon the expiration or replacement of the SBPA; and (4) upon termination of the liquidity facility following the trustee's receipt of a Termination Notice from the Bank. The bonds are also subject to mandatory and optional redemption pursuant to the terms of the Trust Indenture. Fitch's short-term rating on the series 2001 bonds will expire on May 22, 2007, the initial stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the SBPA, unless such date is extended pursuant to its terms, or upon any earlier termination of the standby bond purchase agreement. |
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